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2025-03-31-accounts

Registered number: 11369859 Charity number: 1189180

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 12
Independent Auditors' Report on the Financial Statements 13 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18 - 19
Charity Balance Sheet 20 - 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 43

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Ben Howarth, Chair
Clive Ahmed
Michael Lewis (resigned 12 December 2024)
Sally Manser
Cllr Asli Mohammed (appointed 10 July 2024)
Piers Nicholls
Shah Rahman
Mary Rose (resigned 22 April 2024)
Steve Sayer (appointed 20 June 2024)
Cllr Jackie Smith (resigned 23 May 2024)
David Sullivan
Philip Watkins
Cllr Miranda Williams (resigned 23 May 2024)
Company registered
number
11369859
Charity registered
number
1189180
Registered office
The Fireworks Factory
11 No 1 Street
Woolwich
London
SE18 6HD
Chief executive officer
Nick Williams
Independent auditors
Goodman Jones LLP
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Bankers
Barclays Bank
1 Churchill Place
London
E14 5HP

Page 1

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the yearyear 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Charitable objects

Woolwich Works comprises of five extraordinary and unique listed heritage buildings which underwent a world class refurbishment winning three RIBA awards – for London, for conservation and a national award. We opened our doors to the public in September 2021 in the middle of a worldwide pandemic and have subsequently sought to build audience, community and commercial engagement.

The Charity's objects are the advancement of art for the public benefit by:

b. Mission and Strategic Priorities

The Trustees agreed a new Vision statement in July 2025:

Woolwich Works will be a game changer; the beating heart of a vibrant, creative community, defining Woolwich as the key location for live events

The Trust has agreed new high level Strategic Priorities which will underpin its activities and day-to-day decision making, as a part of its new business model:

  1. Develop a vibrant and engaging public programme that draws a broad audience and embraces Woolwich Works unique spaces

  2. Build a financially sustainable model for Woolwich Works to operate

  3. Develop operational models to ensure efficient delivery of all activities

These will be supported through the development of a new business plan to be implemented during 2025/26.

Page 2

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

c. Volunteers

There are currently 35 volunteers who carry out a variety of roles including: welcoming visitors, checking tickets, nad keeping the space safe and presentable. They also facilitate tours of the heritage estate to raise awareness of Woolwich Works and the history of its buildings.

Total volunteer hours for the year were 1570.

d. Main activities undertaken to further the Charity's purposes for the public benefit

The main activities are summarised as follows:

e. Public benefit statement

The Trustees have due regard for the public benefit requirements of the Charity and as such highlight that there were 336 public ticketed performances attracting 37,605 attendees (+30% on FY 2023/24). Total attendance at ticketed events on site during the year was 78,015 (+27% on FY2023/24) public and private events. On site attendance registered by footfall counters on all public doors was 244,552.

There were 4,920 participations at community, workshop, and participatory arts activities across the year, embracing music, dance, print making, heritage, theatre, and other community focused activities. Many of these events were delivered in partnership with other arts and community organisations who are based in the Royal Borough of Greenwich.

Page 3

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

a. Performances and public activity

Across the year, we attracted 78,015 ticketed attendances at the Woolwich Works across 417 events across music, comedy, dance, food festivals, workshops and participatory sessions. In total, we welcomed 244,552 attendances across the site during the year.

Summer 2024 saw Woolwich Works undertake 2 major own-produced festival days. Working with Berkeley Homes we held the Woolympics in July, celebrating the forthcoming summer Olympics, offering have-a-go opportunities as well as sporting themed arts activities including breakdancing. We ended our summer season with Brassworks – a new festival of brass which included a parade through Woolwich and down to the Woolwich Works courtyard featuring an array of bands including our resident company Chineke! Orchestra. We worked closely with resident company NYJO and the Greenwich Music Hub to offer opportunities for young people to try brass instruments out and ended with a multi-headlining gig, where NYJO formed the backing band to Steam Down. This hugely successful day saw strong attendance on site and extremely positive audience feedback. The Festival returns in September 2025.

The children and young people programme continued to develop throughout the year with a new strand of ‘Crafternoon’ drop-in craft sessions for children taking place in school holidays and selected weekends, a further range of workshops supported by Berkeley Homes during the summer holidays and our popular End of Term Discos taking place at the end of each term. We started to develop our children’s theatre programme in our main Fireworks Factory space – experimenting with a new end-on, 500 seat layout to enable us to welcome touring work which we first tried in February half term presenting A Tribute to Miss Rachel. This was a success and something we continued to work with through the following season. We also hosted studio-based theatre for younger children hosting a residency from Toucan Theatre who launched the tour of The Noisy Dinosaur in February half term.

Christmas saw the return of our Grotto, relocated to our Knight Gallery space, and augmented with craft activities, dressing up box and ‘Elfie station’ to provide added value whilst waiting. Themed around Gingerbread, we worked with 4 local schools to create a Gingerbread Greenwich installation in our Visitors Book Café to augment the festive feel in the building. We welcomed 1313 attendances (+45% on 2023) at the grotto, building on our inaugural year and offered select adult sessions aligned with the Christmas programme. Regular strands for babies and toddlers including Baby Gospel and Boppin Bunnies continue as a mainstay of our music programme for kids.

Our comedy programme continued to draw audiences and success with our flagship Live at the Works events drawing big names and big crowds. We also hosted further the Arabs Are Not Funny events and started new work in progress shows seeing Nabil Abdul Rashid sell out in January prior to his UK tour.

Our food programme developed extensively during the year. We hosted three editions of the Black Eats Festival showcasing a range of food providers from diverse backgrounds; we saw the return of the now annual Free From Food Festival – drawing audiences to sample food from a range of providers that cater specifically for those with dietary needs; and the Whiskey and Gin Show continued their multi-year residency in March.

We explored a visual arts programme further, hosting a major retrospective exhibition of the work of artist Caroline Hands over summer 2024, alongside the Woolwich Contemporary Print Fair which presented 568 artists’ work. We hosted a new craft-focused programme – kicked off with Make Joy in November which focused on yarn-based craft, and followed up with our Stich Night weekly circle for yarn-based craft as a part of our weekly Social Club. We experimented further with smaller exhibitions in the Visitors Book Café and Coopers Foyer and welcomed a total of 872 artists’ work to the building during the year.

We hosted a total of 535 rehearsal sessions across the year, continuing our relationship with the Royal Philharmonic Orchestra, London Philharmonic Orchestra, BBC Concert Orchestra, English National Opera and

Page 4

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

resident orchestra Chineke! in our main Fireworks Factory space. We refocused our Stitchers Studio into a fulltime rehearsal space and hosted the Royal Shakespeare Company, Strictly Come Dancing’s Nikita Guzman’s solo show, Riot Ensemble, Girl and Bear, and Toucan Theatre to make new shows in that space. We also hosted rehearsals for Strictly Come Dancing contestant Sarah Hadland with professional Vito Coppola throughout the autumn.

We continued to support local opera company CoAlign with the development of their new opera, with them presenting open rehearsals and singing workshops around our Heritage Open Day as well as working to develop design ideas in our main space.

Woolwich Works recording studio continues to operate in partnership with a young music producer and engineer, trading under the name Meridian Studios. The studio was in use for 178 days, working with 36 artists, 40% of which were Greenwich based.

b. Resident artistic companies

The Acosta Dance Centre continued to develop its programme of classes, workshops and courses, based both in the Academy Building, next to the main Woolwich Works site and within Woolwich Works itself. The hosted 1945 attendances across 78 classes and workshops and Alafia – a large Afro-Cuban Dance festival in June 2024.

Chineke! Orchestra continued to rehearse at Woolwich Works, and presented their popular Christmas concert once again to 453 audience members. They have built on their open rehearsal process inviting schools and communities to observe their rehearsing in the building and participated in Brassworks, performing both as a part of the parade and on the stage in the Courtyard.

Luca Silvestrini’s Protein Dance presented two productions – May Contain Food played in our studios at the culmination of its national tour in April 2024 and En Route performed in July, wending its way through Woolwich and ending at Woolwich Works. The regular programme of dance theatre workshops continued, seeing significant growth in attendance in the second half of the year, and the Real-Life Real Dance programme working with refugees and asylum seekers culminated in a celebratory public event during Refugee Week in June 2024. They reached a total of 1,043 attendances at participatory activity and 9,012 audience members in total.

The National Youth Jazz Orchestra undertook a range of activities alongside their termtime weekly sessions. They participated in Brassworks both performing on the stage and running a range of taster workshops on brass instruments. They used the Woolwich Works recording studio to record an EP with the Levitation Orchestra as well as hosting a Christmas performance in the Fireworks Factory. They attracted 885 young musicians as a part of their regular programme of activities at Woolwich Works.

The Woolwich Contemporary Print Fair returned and showcased the work of 568 artists to an audience of 6,000 across the Fair. The Young London Printmaker Prize ran for a further edition with the overall winner attending from Foxfield School in Woolwich. The winning prize was once again showcased on the big screens at Piccadilly Circus.

Working in partnership with Meridian Studios, the recording studio hosted 36 artists, of which 40% were from the Royal Borough of Greenwich. Working across recording and mixing the studio was in use for 178 days in the year.

Page 5

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

c. Activity by trading subsidiaries

Woolwich Creative District Trust relies on income generated through its trading subsidiary, Woolwich Works Trading, for corporate activities and commercial events. We have developed a significant rosta of regular clients who return annually or more frequently using our spaces for conferences, talks, launches and other activities around communities of interest.

We also host a range of commercial public facing events. 2024 saw the Blue Earth Summit move to Woolwich Works for the first time hosting 3,000 people engaged in debate around business innovation with environmental benefit. This event will return to Woolwich Works in October 2025.

Page 6

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

d. Community engagement

During the year, Woolwich Works developed its community offer extensively, seeking to make a range of invitations to different parts of the local community to engage with events in our spaces.

We continued to build partnerships with local organisations including Everyone’s a Singer and The Orange Room Collective to build programmes and performances that responses to the variety of different communities local to the venue. We also hosted the Windrush Front Room installation and events series during March 2025, celebrating the contribution of the Caribbean community.

Our weekly Heritage Tours continue to be extremely popular, and many of the attendees continue to share stories of their own families’ experience of working on the Royal Arsenal site. As a result of this popularity, we hosted our first Heritage Open Day in September 2024, with a range of tours and free talks and activities across the day exploring different aspects of heritage and the site. Talks included one from the architects on the development of the site and on the history of the performing arts in Woolwich.

The workshop programme of participatory activity hosted at Woolwich Works continued to develop throughout the year. From regular activities like the Woolwich Works Choir and Protein Dance’s weekly Dance Theatre workshops, to one off food events linked to Lunar New Year or Brassworks, the range of activities is designed to support different creative interests.

Our all-day café continues to act as a community hub. During the year we revised our Workers Club offer, developing its content to provide greater value for money. We continue to host public screenings of events that capture the zeitgeist including the men’s Euros Final as a family friendly screening, as well as popular TV show The Traiters finale. We launched our weekly Social Club and Stitch Night in January 2025 offering free activities and fellowship for anyone who wishes to come and alongside our popular Sunday evening quiz, we have launched a monthly karaoke evening which drives attendance.

We restarted schools’ activity during the year, working with 4 local schools on the Gingerbread Greenwich project – creating an installation for our Visitors Book Café for Christmas. We welcomed two further schools for visits to the venue to rehearse on our stage as part of preparations for their own Christmas concerts and to experience our Gingerbread Grotto.

We hosted a range of events focusing on work pathways for young people including the Royal Borough of Greenwich’s Year 11 Pathways conference and their Apprenticeships Summit. We welcomed over 70 students in years 12 and 13 to a Discover Creative Careers events, held in partnership with the Woolwich Contemporary Print Fair and focusing on activities that are within the creative industries that are behind the scenes. We also worked with pupils from Willow Dene SEN school on an installation in the cafe space in response to our February kids’ theatre show – The Noisy Dinosaur.

During the year we signed a Memorandum of Understanding with the University of Greenwich, building a partnership around working together to host student placements and to collaborate on projects. We hosted 4 of their students on placement through the academic year starting September 2024 as well as continuing our partnership with the Events Management course and welcoming the 2nd year cohort for a visit and discussion around the challenges and opportunities of running a venue.

Page 7

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

a. Going concern

The Royal Borough of Greenwich have agreed to extend the repayment terms of the loan to align with the Trust’s lease on the building, with payments between June 2026 and March 2052. As a result the burden of repayment is greatly reduced from summer 2026 to a more manageable figure.

Given that the Trust made a surplus in the year, its current stability and robust work in maximising the income from its trading subsidiary, the Trustees have a reasonable expectation that the Charity and Group have adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

At present, the Charity does not have a formal reserves policy in place. A reserves policy will be determined once financial security is achieved.

c. Financial summary and social value

The results for the period ended 31 March 2025 are shown on page 17.

The net movement in funds for the Group was a surplus of £24,064 (2024: deficit of £415,615), highlighting its growing stability and revised business model. This is on total income of £3,399,088 (2024: £2,698,789). At the balance sheet date, the Group had an accumulated deficit of £1,624,533 (2024: accumulated deficit of £1,648,597), of which there are surplus restricted funds of £403,616 (2024: £397,909) and a deficit on unrestricted funds of £2,028,149 (2024: £2,046,506 deficit).

We have released a number of accruals into the accounts due to the regularising of legacy issues relating to the build and handover period, closing down legacy issues.

Building management costs continue to challenge the Trust, with M&E needing ongoing investment. We were forced to replace the Building Management System (BMS) in December 2024 and undertake major repairs to 2 boilers, which were unforeseen costs of £37k. This has led to stability in the heating and hot water in the building for the first time since opening.

Staff salaries are the biggest outgoing for the Trust. We spent £1,522,874 in 2024/25 (2023/24 £1,238,463) on staff salaries of which 50.17% (a total of £713,849) was paid to staff resident in the Royal Borough of Greenwich.

The Trust has calculated the social value of free space, reduced rates charged to community groups and artists, and free space as £510,035 in the year to 31 March 2025.

Page 8

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

d. Income generation

Woolwich Creative District Trust earns a large proportion of its income from activities run through its commercial trading subsidiary focusing on corporate events hires, ancillary services and its catering operations. This totalled £1,836,468 (2024: £1,510,242).

During this period, Woolwich Creative District Trust received sponsorship to the value of £42,500 to support community activities and the Woolympics event, and restricted grant funding received was £86,470 of which a £30,000 grant towards our summer music festival and Brassworks was received from the Royal Greenwich Festivals Fund. Donations amounted to £504,315 (2024: £12,878).

e. Principal risks and uncertainties

The Finance, Audit & Risk Committee meets at least quarterly as part of a set of Board sub-committee meeting cycle. They scrutinise detailed financial performance and risk within the development of budgets and operational performance.

There is an organisation-wide risk register and that every risk is assigned to the committee best positioned to have primary oversight of it. The Finance, Audit & Risk committee and the trustees examine the risk register at each meeting. The Operations Sub-committee examines capital risk-related issues – a mix of ongoing building development requirements and latent defects post-redevelopment.

The full Board look at high level strategic risk with input from this Finance, Audit & Risk committee.

f. Investment powers and policy

The Trust does not currently engage in investing activities.

Structure, governance and management

a. Constitution

Woolwich Creative District Trust is registered as a Charity with the Charity Commission in England and Wales (registration number: 1189180) and as a Company Limited by Guarantee with Companies House (registration number: 11369859). It is governed by its Memorandum and Articles of Association which were filed on 29 April 2020 and amended on 4 May 2020 (in response to Charity Commission feedback).

b. Methods of appointment or election of Trustees

The management of the Group and the Charity is the responsibility of the Trustees who have control of the Charity and its property and funds.

The Board of Trustees shall consist of not less than four Ordinary Trustees, and three Council Trustees, up to a maximum number of Trustees of 15.

The Council Trustees are nominated by the Royal Borough of Greenwich and rotated in line with their own processes. The Ordinary Trustees are appointed by the Board by majority vote of the existing Trustees. The Board recruits Ordinary Trustees on the basis of the qualities, skills, competencies and experience which the Trustees from time to time determine are required to ensure a suitable skills mix.

Page 9

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The Board meet quarterly (as a minimum) to consider and discuss the Trust's policies and strategies with subcommittee meetings preceding. Additional meetings of the full Board are occasionally called to examine particular pressing matters.

There are currently two subcommittees:

The Board also controls the wholly owned subsidiary Woolwich Works Trading Ltd, whose board meet in cycle with the Trust’s board and Woolwich Works Productions Ltd whose day-to-day management is undertaken by staff of the Trust.

Board subcommittees are comprised of an Operations Subcommittee and a Finance, Audit & Risk Subcommittee. The Board also appoints the Board of its wholly owned subsidiaries, Woolwich Works Trading Ltd and Woolwich Works Productions Ltd.

d. Policies adopted for the induction and training of Trustees

New trustees undergo an induction where charity law and their specific roles and responsibilities are explained alongside tours of the building to familiarise themselves with our setup and operations, and to meet key senior staff.

e. Management and pay policy

The Director is appointed by the Trustees to manage the day-to-day operations of the Trust and develop and propose the Trust's policies and strategy for consideration and approval by the Trustees.

To facilitate effective operations, the Director has delegated authority. The authority is within terms of delegation approved by the Trustees, for operational matters including finance, employment, artistic output and nonfinancial partnership agreements.

The Director is responsible to the Board, and on a day-to-day basis, to the Chair.

Appointments to the Senior Management Team are made by the Director with input from the Trustees. The Trustees determine the remuneration of the Director and Senior Management Team.

Appointments to other roles are made by the Director. The Director determines the remuneration of roles other than the Senior Management Team, within the overall budget approved by the Trustees. The Senior Management Team are supported by a range of operational Heads of Department who oversee day to day activities.

Page 10

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

f. Subsidiaries and related parties

The Trust has two subsidiaries: Woolwich Works Trading Limited (which handles commercial event hire and inhouse bar and catering facilities) and Woolwich Works Productions Ltd (which handles the costs and box office revenue from the performances that the Trust own). The profits from the subsidiaries are Gift Aided to the Charity.

Trustees do not receive any payment of money or other material benefit (whether directly or indirectly) from the Trust except for reimbursement of reasonable out of pocket expenses actually incurred in running the Charity.

Plans for future periods

Through 2025/26, we will continue to develop our Fireworks Factory programming, building on the successful new children’s theatre layout and developing further larger-scale public activity in that space. The summer programme sees a range of food-led activity with music permeating throughout, and a range of new initiatives including a chamber series from resident artistic company Chineke! and more work in progress comedy performances.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 11

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Goodman Jones LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Ben Howarth Chair

Date: 26-09-25

Page 12

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOLWICH CREATIVE DISTRICT TRUST

Opinion

We have audited the financial statements of Woolwich Creative District Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOLWICH CREATIVE DISTRICT TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOLWICH CREATIVE DISTRICT TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of noncompliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 15

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOLWICH CREATIVE DISTRICT TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Chartered Accountants Statutory Auditors 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN 29-09-25 Date:

Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Trading activities
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net (expenditure)/income
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
786,515
403,690
2,014,971
107,642
3,312,818
801,542
2,523,637
3,325,179
(12,361)
30,718
18,357
(2,046,506)
18,357
(2,028,149)		 Restricted
funds
2025
£
86,270
-
-
-
86,270
-
49,845
49,845
36,425
(30,718)
5,707
397,909
5,707
403,616		 Total
funds
2025
£
872,785
403,690
2,014,971
107,642
3,399,088
801,542
2,573,482
3,375,024
24,064
-
24,064
(1,648,597)
24,064
(1,624,533)		 Total
funds
2024
£
334,042
360,098
1,993,602
11,047
2,698,789
463,480
2,686,924
3,150,404
(451,615)
-
(451,615)
(1,196,982)
(451,615)
(1,648,597)

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 43 form part of these financial statements.

Page 17

(A Company Limited by Guarantee) REGISTERED NUMBER: 11369859

WOOLWICH CREATIVE DISTRICT TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net liabilities excluding pension asset
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2025
£
7,934
396,293
245,745
649,972
(743,616)		 2025
£
63,927
686,434
750,361
(93,644)
656,717
(2,281,250)
(1,624,533)
(1,624,533)
403,616
(2,028,149)
(1,624,533)		 2024
£
8,877
337,822
219,897
566,596
(800,153)		 2024
£
57,534
746,176
803,710
(233,557)
570,153
(2,218,750)
(1,648,597)
(1,648,597)
397,909
(2,046,506)
(1,648,597)

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 18

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Ben Howarth

Chair

26-09-25 Date:

The notes on pages 23 to 43 form part of these financial statements.

Page 19

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 11369859

CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets / liabilites
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net liabilities excluding pension asset
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2025
£
2,990,837
69,054
3,059,891
(2,896,705)		 2025
£
63,927
686,434
2
750,363
163,186
913,549
(2,281,250)
(1,367,701)
(1,367,701)
403,616
(1,771,317)
(1,367,701)		 2024
£
1,780,997
98,752
1,879,749
(2,683,041)		 2024
£
57,534
746,176
2
803,712
(803,292)
420
(2,218,750)
(2,218,330)
(2,218,330)
397,909
(2,616,239)
(2,218,330)

The Charity's net movement in funds for the year was £ 873,995 (2024 - £(1,022,612)) .

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

Page 20

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Ben Howarth Chair

Date: 26-09-25

The notes on pages 23 to 43 form part of these financial statements.

Page 21

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages23 to 43form part of these financial statements		 2025
£
64,787
(15,686)
(73,253)
(88,939)
50,000
50,000
25,848
219,897
245,745		 2024
£
56,799
-
(7,886)
(7,886)
-
-
48,913
170,984
219,897

Page 22

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Woolwich Creative District Trust is a charitable company, limited by guarantee, registered in England and Wales, and whose registered office address is The Fireworks Factory, 11 No 1 Street, Woolwich, London, SE18 6HD. The Charity's objects are the advancement of art for the public benefit as stated in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Woolwich Creative District Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in Sterling, the functional currency of the Charity and the Group, and monetary amounts are rounded to the nearest £.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

At the balance sheet date, the Charity and the Group are in a net liabilities position. The Charity and Group are continuing to rebuild and establish themselves following establishment of the new business plan, and this is reflected in the Group generating a suplus for this financial year.

The Group has received financial support from the Royal Borough of Greenwich during this period and further loan funding is available from Royal Borough of Greenwich if required. As disclosed in note, the loan terms have changed post balance sheet date to remove the community fund payment requirements and to extend the repayment date from March 2037 to March 2052. In addition, the Charity has also secured significant levels of grant funding across the current and following financial years from a funder, who has also made an interest-free loan available for capital expenditure. The Charity has secured significant venue hire bookings for FY26 and also has confirmed bookings for venue hire into FY27.

The Trustees have considered the future plans for the Charity and Group, the level of reserves, cash flow, and the expected level of income and expenditure for a period of at least 12 months from the authorising of these financial statements. The Trustees have a reasonable expectation that the Charity and Group have sufficient reserves and cash available to enable it to continue in operational existence of the foreseeable future and, as such, consider it appropriate to adopt the going concern basis when preparing these financial statements.

Page 23

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants, including grants for fixed assets, are recognised within the accounts as they become receivable. Grants received in the accounting period in respect of future accounting periods or in respect of grants subject to meeting performance conditions are deferred until those periods or until those conditions are met.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income in respect of venue hire is recognised on the date of the hire.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

The charitable company benefits I'rom work carried out by volunteers. No monetary value is placed on this where the value of their contribution cannot be reasonably quantified in financial terms.

Page 24

WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Intangible assets and amortisation

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Website - 10 years
Branding - 10 years

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

The estimated useful lives are as follows:

Fixtures and fittings - 3 years
Staging & rostra - 25 years
Seating system - 20 years
Loose furnishings - 8 years
Broadcast equipment - 5 years
Catering fitout - 20 years
Pianos - 15 years

Page 25

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

2.12 Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.14 Pensions

The Charity operates a defined contribution pension scheme. The assets of this scheme are also held separately from those of the Charity in an independently administered fund. Contributions are charged to the Statement of Financial Activities as they become payable.

Page 26

WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below.

Income Recognition

The Charity receives income from contracts and performance grants. These agreements include various quantitative and qualitative milestones and performance conditions to be met in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these contracts and performance grants.

4. Income from donations and legacies

Donations
Donations
Donated services - rent
Subtotal donations
Grants
Subtotal grants
Total 2025
Total 2024		 Unrestricted
funds
2025
£
504,315
282,000
786,315
200
200
786,515
324,042		 Restricted
funds
2025
£
-
-
-
86,270
86,270
86,270
10,000		 Total
funds
2025
£
504,315
282,000
786,315
86,470
86,470
872,785
334,042		 Total
funds
2024
£
12,878
282,000
294,878
39,164
39,164
334,042

Page 27

WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5.
Income from charitable activities
Commercial hires, shows, and events
Total 2024
6.
Income from other trading activities
Income from non charitable trading activities
Commercial hires, shows and events
Corporate sponsorships
Total 2024		 Unrestricted
funds
2025
£
403,690
360,098
Unrestricted
funds
2025
£
1,972,471
42,500
2,014,971
1,993,602		 Total
funds
2025
£
403,690
360,098
Total
funds
2025
£
1,972,471
42,500
2,014,971
1,993,602		 Total
funds
2024
£
360,098
Total
funds
2024
£
1,655,848
337,754
1,993,602

Page 28

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Other incoming resources

Other income
Other recharges
Total 2024		 Unrestricted
funds
2025
£
402
107,240
107,642
11,047		 Total
funds
2025
£
402
107,240
107,642
11,047		 Total
funds
2024
£
663
10,384
11,047

8. Analysis of expenditure on charitable activities Summary by fund type

Community hire fees
Commercial hires, shows, events
Total 2024		 Unrestricted
funds
2025
£
-
2,523,637
2,523,637
2,645,231		 Restricted
funds
2025
£
-
49,845
49,845
41,693		 Total
2025
£
-
2,573,482
2,573,482
2,686,924		 Total
2024
£
611
2,686,313
2,686,924

Page 29

WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9.
Analysis of expenditure by activities
Community hire fees
Commercial hires, shows, events
Total 2024		 Activities
undertaken
directly
2025
£
-
52,397
52,397
63,597		 Support
costs
2025
£
-
2,521,085
2,521,085
2,623,327		 Total
funds
2025
£
-
2,573,482
2,573,482
2,686,924		 Total
funds
2024
£
611
2,686,313
2,686,924

Page 30

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Community
hire fees
2025
Commercial
hires,
shows,
events
2025
£
£
Staff costs
-
1,314,964
Premises costs
-
238,277
Casual, agency, and freelancers
-
23,690
Other staff costs
-
72,512
Printing, postage and stationery
-
11,689
IT costs
-
86,212
Marketing and communications
-
124,085
Professional fees
-
31,180
Governance costs
-
-
Other costs
-
119,815
Rent, rates and utilities
-
439,261
Memberships and subscriptions
-
2,513
Insurance
-
44,387
Community fund contributions
-
12,500
-
2,521,085
Total 2024
611
2,622,716
10.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Total
funds
2025
£
1,314,964
238,277
23,690
72,512
11,689
86,212
124,085
31,180
-
119,815
439,261
2,513
44,387
12,500
2,521,085
2,623,327
2025
£
15,750
5,600		 Total
funds
2024
£
1,238,463
271,971
26,555
34,885
2,223
84,838
72,840
48,137
752
331,309
470,821
1,071
39,462
-
2,623,327
2024
£
15,000
5,400

Page 31

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
1,418,007
110,124
24,743
1,552,874		 Group
2024
£
1,125,469
93,359
19,635
1,238,463		 Charity
2025
£
1,010,374
90,879
19,874
1,121,127		 Charity
2024
£
860,721
79,308
16,196
956,225

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Employees 85 92 85 92

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 - 1
In the band £90,001 - £100,000 1 -

During the year, total remuneration and benefits incurred in respect of key management personnel, including employer's national insurance and pension contributions, totalled £238,503 (2024: £177,004).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 32

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Intangible assets

Group and Charity

Cost
At 1 April 2024
Additions
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
14.
Tangible fixed assets
Group and Charity
Cost or valuation
At 1 April 2024
Additions
At 31 March 2025		 Website
£
102,240
-
102,240
44,706
8,966
53,672
48,568
57,534		 Computer
software
£
-
15,686
15,686
-
327
327
15,359
-		 Total
£
102,240
15,686
117,926
44,706
9,293
53,999
63,927
57,534
Fixtures and
fittings
£
1,597,124
73,253
1,670,377

Page 33

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14.
Tangible fixed assets (continued)
Group and Charity (continued)
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
15.
Fixed asset investments
Charity
Cost or valuation
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Fixtures and
fittings
£
850,946
132,997
983,943
686,434
746,178
Investments
in
subsidiary
companies
£
2
2
2
2

Page 34

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names Company Registered office or principal Principal activity Class of Holding Included in number place of business shares consolidation Woolwich Works Trading Ltd 13480360 The Fireworks Factory, 11 No 1 Commerical activity Ordinary 100% Yes Street, Woolwich, London, United Kingdom, SE18 6HD Woolwich Works Productions Ltd 13480348 The Fireworks Factory, 11 No 1 Arts productions Ordinary 100% Yes Street, Woolwich, London, United Kingdom, SE18 6HD

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(Loss) Net assets £ £ / Surplus/ £ (Deficit) for the year £ Woolwich Works Trading Ltd 1,836,468 (853,271) 983,197 1 Woolwich Works Productions Ltd 76,133 (58,872) 17,261 (256,831)

Page 35

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16.
Stocks
Stock of food & drink
17.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2025
£
340,864
-
11,891
43,538
-
396,293		 Group
2024
£
306,262
-
10,921
20,637
2
337,822		 Group
2025
£
7,934
Charity
2025
£
915,183
2,026,389
11,871
37,394
-
2,990,837		 Group
2024
£
8,877
Charity
2024
£
738,265
1,012,939
10,921
18,870
2
1,780,997

Page 36

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2025
£
203,610
-
111,068
44,418
384,520
743,616
Group
2025
£
278,283
320,326
(278,283)
320,326		 Group
2024
£
146,317
-
138,939
59,115
455,782
800,153
Group
2024
£
-
278,283
-
278,283		 Charity
2025
£
607,172
2,090,525
44,627
42,656
111,725
2,896,705
Charity
2025
£
11,147
56,408
(11,147)
56,408		 Charity
2024
£
437,593
2,019,393
7,883
56,224
161,948
2,683,041
Charity
2024
£
-
11,147
-
11,147

Deferred income represents deposits and hire fees recieved in advance for events and bookings that take place in the next financial period.

19. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Other loans 2,281,250 2,218,750 2,281,250 2,218,750

A public benefit entity interest free concessionary loan was granted to the Charity by the Royal Borough of Greenwich for a total value of £2,000,000, with £1,825,000 (2024: £1,775,000) drawn down by the Charity at 31 March 2025. At the balance sheet date, the loan was interest free but subject to 25% contributions totalling £456,250 (2024: £443,750) payable to a community fund maintained by the Royal Borough of Greenwich), and the loan was due for repayment by March 2037.

Subsequent to the balance sheet date, a deed of variation has been signed which removes the requirement to make the community fund contributions and extends the repayment period to March 2052.

Loan repayments will begin in June 2026. The loan is secured by fixed and floating charge over all properties and undertakings of the Charity.

Page 37

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds

Statement of funds - current year


Unrestricted funds
Designated funds
Royal Borough of Greenwich
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Culture Recovery Fund
RBG Festival Fund
Backstage Trust
Capital Campaigns
Arts Council
Total funds		 Balance at 1
April 2024
£
536,646
(2,583,152)
(2,046,506)
388,245
-
9,664
-
-
397,909
(1,648,597)		 Income
£
-
3,312,818
3,312,818
-
30,000
-
53,270
3,000
86,270
3,399,088		 Expenditure
£
-
(3,325,179)
(3,325,179)
-
(30,000)
(9,664)
(7,181)
(3,000)
(49,845)
(3,375,024)		 Transfers
in/out
£
(88,960)
119,678
30,718
(30,718)
-
-
-
-
(30,718)
-		 Balance at
31 March
2025
£
447,686
(2,475,835)
(2,028,149)
357,527
-
-
46,089
-
403,616
(1,624,533)

Page 38

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds (continued)

Designated funds

Designated funds represent the net book of value at the balance sheet date of fixed assets purchased using start up funding provided by the Royal Borough of Greenwich.

Restricted funds

Culture Recovery Fund - funding recevied from Arts Council England under the Culture Recovery Fund, and represents the net book value at the balance sheet date of fixed assets purchased with these funds.

RBG Festival Fund - Royal Greenwich Festivals is our flagship grants programme to support delivery of our first Cultural Strategy. We fund festivals that are free to attend and take place over the Summer months in the Borough of Greenwich. We are looking for high-quality, exciting, accessible festivals, that engage with local community groups and showcase local content, performers and suppliers to help celebrate our diverse communities. We expect all festival programmes to include both workshops/activities and live performances/events. This could include, but is not limited to, the following: Theatre • Literature • Music • Film • Comedy • Circus • Dance • Visual Arts • Craft and Makers

National Lottery (prior year) - funding received during the prior period in relation to The Queen's Platinum Jubilee programming.

Portal Trust (prior year) - funding received towards the salary costs of a technical apprentice.

ACE Visitors Book Cafe - funding received for the Visitors Book Cafe programming.

Cause 4 (prior year) - funding received for a visioning day.

Backstage Trust - funding received for specific activity in the 2024/25 financial year.

Page 39

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Royal Borough of Greenwich
General funds
General Funds
Total Unrestricted funds
Restricted funds
Culture Recovery Fund
RBG Festival Fund
National Lottery funding
Portal Trust
ACE Visitors Book Cafe
Cause 4
Backstage Trust
Total funds - as restated		 Balance at
1 April 2023
£
742,009
(2,405,301)
(1,663,292)
441,011
23,229
2,070
-
-
-
-
466,310
(1,196,982)		 Income
£
-
2,649,625
2,649,625
-
-
-
10,000
27,000
2,500
9,664
49,164
2,698,789		 Expenditure
£
-
(3,108,711)
(3,108,711)
-
-
(2,193)
(10,000)
(27,000)
(2,500)
-
(41,693)
(3,150,404)		 Transfers
in/out
£
(205,363)
281,235
75,872
(52,766)
(23,229)
123
-
-
-
-
(75,872)
-		 Balance at
31 March
2024
£
536,646
(2,583,152)
(2,046,506)
388,245
-
-
-
-
-
9,664
397,909
(1,648,597)

Page 40

(A Company Limited by Guarantee)

WOOLWICH CREATIVE DISTRICT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
336,698
63,927
596,092
(743,618)
(2,281,250)
Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total
(2,028,151)		 Restricted
funds
2025
£
349,736
-
53,880
-
-
403,616		 Total
funds
2025
£
686,434
63,927
649,972
(743,616)
(2,281,250)
(1,624,535)

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2025
£
24,064
132,997
9,293
943
(58,471)
(44,039)
64,787		 Group
2024.
£
(451,615)
287,442
10,224
8,637
(154,678)
356,789
56,799

Page 41

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
245,745
245,745		 Group
2024
£
219,897
219,897

24. Analysis of changes in net debt

Cash at bank and in hand
Debt due after 1 year		 At 1 April
2024
£
219,897
(2,218,750)
(1,998,853)		 Cash flows
£
25,848
(62,500)
(36,652)		 At 31 March
2025
£
245,745
(2,281,250)
(2,035,505)

Page 42

WOOLWICH CREATIVE DISTRICT TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £24,743 (2024: £19,635) for the year. Contributions totalling £4,931 (2024: £5,180) were payable to the fund at the balance sheet date and are included in creditors.

26.

Related party transactions

The Charity has two wholly-owned subsidiaries, Woolwich Works Trading Ltd and Woolwich Works Productions Ltd, as disclosed in note 15. During the year, the following transactions took place between the Charity and the subsidiaries:

27.

Charity status and controlling party

Woolwich Creative District Trust is a charitable company limited by guarantee and consequently does not have share capital.

Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation.

The Charity is controlled by the Board of Trustees.

Page 43